The AUDUSD fell to – and through the 38.2% retracement of the move up from the August low at 0.67146 late yesterday, but bounced higher in the Asian session today. The high price in the Asian session extended up to 0.67417 which was just short of the low of a swing area 0.67429.
The subsequent fall back to the downside helped by CPI and initial jobless claims did see a new low reached at 0.66997. That low was ahead of a swing area between 0.6685 and 0.6696. The 100 day moving averages between those levels as well.
So the up and down price action has defined the range between 0.6685 to 0.67429. Traders will be looking for a break outside of that range.
This article was written by Greg Michalowski at www.forexlive.com. Source